Pound Rises as UK Economy Grows

The Great Britain pound strengthened today against the US currency to the highest level in almost six months as the economic data showed that Britain’s economy expanded faster than the analysts anticipated.
The gross domestic product increased 1.1 percent in the second quarter of 2010, compared with the increase of 0.3 percent in the previous quarter. The experts predicted the 0.6 percent growth. The manufacturing PMI posted 57.3 in July, down from 57.6 in June. Even though the PMI declined to the five-month low, it remained above the survey average of 51.1 and in line with that recorded for Q2 2010 (57.9).
GBP/USD traded at 1.5812 today as of 11:23 GMT, after opening at 1.5725 and reaching 1.5818, the highest level since February 4th.

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